ILLINOIS TOOL WORKS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ILLINOIS TOOL WORKS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,599	14,314	14,768	14,109	12,574	14,455	15,932	16,107	15,898	16,044
Cost of revenue	7,908	8,306	8,604	8,187	7,375	8,489	8,136	7,944	7,604	7,556
Gross profit	5,691	6,008	6,164	5,922	5,199	5,966	7,796	8,163	8,294	8,488
Research and development	223	225	233	221	214	239	269	284	292	302
Operating income	3,056	3,485	3,584	3,402	2,882	3,477	3,790	4,040	4,264	4,216
Interest expense	237	260	257	221	206	202	203	266	283	292
Interest income	38	45	35	29	17	12	22	51	44	40
Other non-operating income	89	45	67	107	28	51	255	49	441	42
Pre-tax income	2,908	3,270	3,394	3,288	2,704	3,326	3,842	3,823	2,603	2,384
Income tax	873	1,583	831	767	595	632	808	866	934	900
Net income	2,035	1,687	2,563	2,521	2,109	2,694	3,034	2,957	3,488	3,066
EBITDA	3,302	3,741	3,856	3,669	3,155	3,754	4,066	4,322	4,565	4,533
EPS, basic	5.73	4.90	7.65	7.78	6.66	8.55	9.80	9.77	11.75	10.52
EPS, diluted	5.70	4.86	7.60	7.74	6.63	8.51	9.77	9.74	11.71	10.49
Shares, basic (weighted)	355	344	335	324	317	315	310	303	297	292
Shares, diluted (weighted)	357	347	337	326	318	316	311	304	298	292
Dividend per share	2.40	2.86	3.56	4.14	4.42	4.72	5.06	5.42	5.80	6.22

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,472	3,094	1,504	1,981	2,564	1,527	708	1,065	948	851
Receivables	2,357	2,628	2,622	2,461	2,506	2,840	3,171	3,123	2,991	3,227
Inventory	1,076	1,220	1,318	1,164	1,189	1,694	2,054	1,707	1,605	1,659
Other current assets	122	119	127	121	119	140	175	157	147	226
Total current assets	6,123	7,278	5,778	6,253	6,523	6,374	6,270	6,235	5,856	6,200
Property, plant and equipment	1,652	1,778	1,791	1,729	1,777	1,809	1,848	1,976	2,036	2,230
Lease right-of-use assets				206	216	222	212	248	266	294
Goodwill	4,558	4,752	4,633	4,492	4,690	4,965	4,864	4,909	4,839	5,098
Intangible assets	1,463	1,272	1,084	851	781	972	768	657	592	591
Other non-current assets	956	1,195	1,030	1,227	1,308	1,405	1,178	1,262	1,375	1,510
Total assets	15,201	16,780	14,870	15,068	15,612	16,077	15,422	15,518	15,067	16,148
Accounts payable	511	590	524	472	534	585	594	581	519	522
Accrued liabilities	1,202	1,258	1,271	1,217	1,284	1,648	1,728	1,663	1,576	1,636
Short-term debt	652	850	1,351	4	350	778	1,590	1,825	1,555	2,286
Total current liabilities	2,760	3,053	3,542	2,154	2,589	3,470	4,460	4,675	4,308	5,126
Long-term debt	7,177	7,478	6,029	7,754	7,772	6,909	6,173	6,339	6,308	6,683
Lease liabilities				128	133	133	131	148	158	180
Other non-current liabilities	871	882	839	1,000	1,068	1,053	943	1,014	1,015	959
Total liabilities	10,942	12,191	11,612	12,038	12,430	12,451	12,333	12,505	11,750	12,922
Total debt	7,827	7,479	7,379	7,758	8,122	7,477	6,708	7,700	7,085	7,682
Paid-in capital	1,188	1,218	1,253	1,304	1,362	1,432	1,501	1,588	1,669	1,771
Retained earnings	19,505	20,210	21,217	22,403	23,114	24,325	25,799	27,122	28,893	30,150
Treasury stock	-14,638	-15,562	-17,545	-18,982	-19,659	-20,636	-22,377	-23,870	-25,375	-26,875
Other comprehensive income	-1,807	-1,287	-1,677	-1,705	-1,642	-1,502	-1,841	-1,834	-1,877	-1,827
Minority interests	5	4	4	4	1	1	1	1	1	1
Total equity	4,259	4,589	3,258	3,030	3,182	3,626	3,089	3,013	3,317	3,226
Total liabilities and equity	15,201	16,780	14,870	15,068	15,612	16,077	15,422	15,518	15,067	16,148
Shares outstanding	347	342	328	320	317	313	305	299	294	289

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,035	1,687	2,563	2,521	2,109	2,694	3,034	2,957	3,488	3,066
Depreciation and amortization	246	256	272	267	273	277	276	282	301	317
Stock-based compensation	39	36	40	41	42	53	63	69	61	69
Change in receivables	-132	-138	-60	40	95	-240	-461	64	34	-92
Change in inventory	9	-81	-108	98	43	-450	-455	360	176	34
Cash from operations	2,302	2,402	2,811	2,995	2,807	2,557	2,348	3,539	3,281	3,126
Capital expenditures	-273	-297	-364	-326	-236	-296	-412	-455	-437	-419
Acquisitions	-453	-3	0	-4	0	-731	-2	0	-115	-119
Sales and maturities of investments	21	43	16	20	14	38	12	27	11	7
Cash from investing	-532	-251	-325	-183	-214	-984	-110	-403	-144	-521
Stock issued	84	84	22	85	66	50	29	53	52	65
Share buybacks	-2,000	-1,000	-2,000	-1,500	-706	-1,000	-1,750	-1,500	-1,500	-1,500
Dividends paid	-821	-941	-1,124	-1,321	-1,379	-1,463	-1,542	-1,615	-1,695	-1,785
Cash from financing	-2,255	-1,674	-3,964	-2,326	-2,049	-2,564	-3,000	-2,782	-3,189	-2,744
Exchange rate effect	-133	145	-112	-9	39	-46	-57	3	-65	42
Net change in cash	-618	622	-1,590	477	583	-1,037	-819	357	-117	-97
Free cash flow	2,029	2,105	2,447	2,669	2,571	2,261	1,936	3,084	2,844	2,707
Interest paid	212	240	247	223	194	197	199	260	248	279
Income taxes paid	920	1,018	838	742	591	731	993	1,026	1,180	1,052

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $274.32 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	53.0%	Gross profit / revenue.
Operating margin	26.5%	Operating income / revenue.
EBITDA margin	28.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	19.4%	Net income / revenue.
FCF margin	17.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.2%	Cash from operations / revenue.
Return on assets (ROA)	19.4%	Net income / average total assets.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-0.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-12.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-10.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-4.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.11x	Current assets / current liabilities.
Quick ratio	0.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / assets	39.7%	Total debt / total assets.
Liabilities / assets	82.4%	Total liabilities / total assets.
Net debt	$5.71B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.22x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	14.5x	Operating income / interest expense.
Working capital	$647.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	34.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.00x	Revenue / average total assets.
Fixed asset turnover	7.37x	Revenue / average property, plant and equipment.
Inventory turnover	4.41x	Cost of revenue / average inventory.
Days inventory	83 days	365 x average inventory / cost of revenue.
Receivables turnover	4.62x	Revenue / average receivables.
Days sales outstanding	79 days	365 x average receivables / revenue.
Days payables	30 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	132 days	Days inventory + days sales outstanding - days payables.
FCF conversion	91.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.13	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$57.38	Revenue / diluted weighted shares.
FCF per share	$10.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.60	Cash from operations / diluted weighted shares.
Cash per share	$2.95	(Cash + short-term investments) / shares outstanding.
Payout ratio	57.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	62.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	64.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$78.13B	Share price x shares outstanding.
Enterprise value	$83.84B	Market cap + total debt - cash - short-term investments.
P/E	24.5x	Market cap / net income. Only when net income is positive.
P/S	4.74x	Market cap / revenue.
P/FCF	26.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	23.5x	Market cap / cash from operations, when positive.
EV/Sales	5.09x	Enterprise value / revenue.
EV/EBIT	19.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.
PEG	10.2x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ILLINOIS TOOL WORKS INC's revenue in fiscal 2025?

ILLINOIS TOOL WORKS INC reported revenue of $16.04B for fiscal 2025, 0.9% higher than the year before.

Was ILLINOIS TOOL WORKS INC profitable in fiscal 2025?

Yes. Net income was $3.07B, a net margin of 19.1%.

How much free cash flow did ILLINOIS TOOL WORKS INC generate in fiscal 2025?

Cash from operations of $3.13B minus capital expenditures of $419.0M left free cash flow of $2.71B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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